16 March, 2021
RALEIGH, North Carolina, Mar 16, 2021 - The Solid Dose Formulation CMO market is expected to grow at a CAGR of 5.8 percent for the next three years, as per Beroe. Inc.
The contract manufacturing organization market size is currently $28.6 billion. It is forecasted to reach the $35.8 billion mark by 2023. The growth of the CMO market is being led by several factors. The distribution of the CMO market is led by tablets with a 31 percent market share, and capsules with a 26 percent market share. Powder and granules follow with 20 percent and 10 percent respectively. The CMO market is dominated by North America, primarily due to its companies implementing a one-stop-shop model, and an influx of funds aiding them in doing so. The demand for tablets has been increasing, as have the variants of tablets, with forms like film-coated, sugar-coated, and effervescent tablets flooding the market, as they are easy to use as well as manufacture. Additionally, sugar-free gummies – with fruit-based and plant-based raw material – are also gaining popularity in developed regions. Europe continues to be a hub for the soft gelatin capsule sector.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: https://www.beroeinc.com/beroe-live-ai/
With low-cost alternatives emerging in Asia, CMOs in North America and Europe have been using their one-stop-shop model as a key differentiating factor. They have also been investing in additional capacity to counter additional demand, and to obtain geographic scale and become an integrated supplier of drug manufacturing, packaging, and R&D. CMOs have increasingly opted for new technologies that offer speed as well as efficiency. The US dominates the oral solid dosage CMO market size with a share of 37 percent, primarily due to a developed healthcare sector, greater availability of funds, and a government focus on generics. By quantity, 65 percent of all CMOs are based in Europe. In the APAC region, India and China are powerhouses of the OSD contract manufacturing organization market, and offer significantly lower prices. Due to increasing patent expiry, generic drug manufacturing is generating the second-largest revenue in the APAC region.
Of all annual cargo theft, 15 percent is accounted for by counterfeit drugs. To tackle this, China and Turkey have maintained smooth supply chains to track drug supply minutely. In the US, every member of the value chain is allowed a lot of traceability. This will expand to verification at the dispensation point by 2023. By this point, 65 percent of the market is supposed to adopt serialization. For improved drug approvals, outsourcing solid dose NMEs accounted for 54 percent in 2020. To remain competitive in a saturated market, CMOs are also applying for ISO certification in the field of environment, quality management, and energy consumption. While the quantity of warning letters has decreased in developed markets, it has been increasing in APAC, and most recalls have been due to violations of cGMP standards in manufacturing.
Similarly, the lab chemicals market and medical injection molding market are expected to see consistent growth as well. The lab chemicals industry will see a growth rate of 5-6 percent CAGR until 2023. Owing to the increased demand, the price may increase as well in 2021. The global medical injection molding market will see a growth rate of 5-6 percent until 2023, with North America dominating the demand-side of the market.
The report by Beroe, Inc. provides much deeper insights into the R&D category, covering CMO, lab chemicals, and medical injection molding markets. It contains not just forecasts and predictions, but detailed statistical analysis and interpretation. The information included in the report will aid business owners in making better decisions for their company through enhanced knowledge of the mentioned markets.
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: https://www.beroeinc.com
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